Are you confident your business is taking advantage of every tax break and staying audit-proof, or could you be leaving money on the table?
In this episode, Gary Heldt welcomes Sherry Peel Jackson, a seasoned CPA, former IRS agent, and founder of SP Jackson Consulting, LLC. Sherry shares insights from her extensive experience in the tax and financial fields, focusing on strategies for small business owners to improve tax compliance, protect against audits, and maximize deductions. From record-keeping tips to tax-saving methods like hiring family members, Sherry offers practical advice that empowers entrepreneurs to achieve financial success.
Key Takeaways:
Sherry’s Background: Transitioning from IRS agent to CPA and consultant, Sherry leverages her knowledge of the IRS and tax law to help business owners avoid common pitfalls.
Tax Mistakes to Avoid: Sherry discusses frequent errors small business owners make, such as poor record-keeping, misunderstanding deductible expenses, and relying on inadequate tax preparation services.
Strategies to Reduce Tax Liability: Effective strategies like the “Augusta Rule,” hiring family members, and utilizing Roth IRAs for children’s savings.
Audit Triggers and Preparation: Learn about common red flags that can trigger an IRS audit and the importance of thorough documentation.
Cryptocurrency and Unrealized Gains: Sherry touches on evolving tax laws concerning cryptocurrency and shares her concerns about potential legislation taxing unrealized gains.
Quotes:
“If we could get business owners to focus on record-keeping, they would save so much money in the long run.”
“Don’t rely on your debit card statements for audits. Keep detailed receipts and documentation to back up your expenses.”
Resources:
Connect with Sherry Peel Jackson: connect@sherrypeeljackson.com
Tune in for Practical Tax Tips and Business Growth Strategies!
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